NTA UGC/NET/SET/JRF Education Paper 2 - 2024, 2nd Edition, Includes 2023 Solved papers (June and December) | 500 + Previous years questions with answer keys

2

Concept of Economics of Education

WHAT’S INSIDE

This chapter will cover the following important topics:

1. Educational Costs

2. Social and Private Costs

3. Cost Benefit Analysis

4. Cost Effectiveness Analysis

5. Signal Theory and Human Capital Theory

INTRODUCTION

In economics, cost refers to the production of goods and services and implies the cost of resources utilized in the production of services and goods. It is expressed in monetary terms. The producer of education may be a government, public or private institution, a teacher or a family. The consumers of education are the students, and their families. Thus, cost is there for both the agencies producing and consuming education.

DETERMINANTS OF EDUCATIONAL COSTS

The cost of an educational ...